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Bankman-Fried and other FTX executives are among the biggest political donors
Sam Bankman-Fried and other top FTX executives have been among the biggest political donors in the past two years.
According to the Center for Responsive Politics, a non-partisan group that tracks campaign donations, Bankman-Fried personally gave $40 million to politicians and political action committees ahead of the 2022 midterm elections, mostly Democrats and liberal-minded groups.
Ryan Salame, another FTX top executive, has donated over $23 million, mostly to Republicans and conservative groups.
“I won’t judge until we see what the details are,” Rep. Tom Emmer (R-MN), one of dozens of politicians whose campaigns have received money from FTX and its executives, said of the firm’s conduct. which led to the bankruptcy filing. He said that Mr. Bankman-Fried was “a very pleasant young man.”
More than half of Bitcoin holders are in the red
Of the 47.9 million addresses holding bitcoins, more than 50% are currently unprofitable.
Data provided by analytics firm IntoTheBlock shows that about 45% boast unrealized gains, while four percent are in the “break even” range.
The fallout from FTX has accelerated Bitcoin’s latest bearish run, pushing the number of losses to its highest level since the start of the coronavirus-fuelled crash in March 2020.
FTX still owes over $3 billion
Court documents recently revealed that Sam Bankman Freed’s crumbling FTX empire owes $3.1 billion to its top creditors.
The various divisions of the Bankman-Fried companies hold approximately $1.2 billion, of which $465 million is restricted cash that is for specific purposes, such as loan repayments, and cannot be used for general business purposes.
Alameda Research has the largest cash reserve among various entities of US$393 million, while FTX Japan has the largest cash reserve of US$171 million among FTX member firms. The Japanese crypto exchange has reportedly said it is preparing to resume withdrawals by the end of the year. CoinDesk.
Tornado Cash developer to be sentenced to more jail time as investigation continues
Tornado Cash developer Aleksey Pertsev will remain in custody in the Netherlands for another three months in connection with an investigation into his decentralized, non-custodial privacy solution built on the Ethereum blockchain.
A court in the Netherlands considered that Pertsev could hide, and extended the development of the developer until February 20. First, a Russian citizen was detained in August.
Pertsev faces money laundering charges related to his app Tornado Cash, which is now under sanctions.
In August, the US Treasury Department sanctioned the Tornado Protocol, which it says was used to launder more than a billion dollars worth of cryptocurrencies and support North Korean hackers.
Outside the courtroom, Pertsev’s lawyer Keith Cheng told CoinDesk he was “very disappointed” with the decision.
“It is clear to us that these judges are not as familiar with the subject as they should be,” Cheng said. “Currently, the criminal case law is about bitcoin mixers…it’s very important that the court understands that Tornado Cash is something else.”